Industry trends

Research trends and changes in your industry. Make sure you have accurate, up-to-date information available.

For any other information you need, either research it yourself or commission someone else to do it. You don't have to know everything yourself. Your ability to identify your limits and use the expertise of other people is part of what you have to learn, and you can ask for advice from appropriate experts whenever you need it. However the final collation must be your own work.

Use the following questions to guide you:

1. What is your immediate community or constituency?
2. What cultural and generation shifts are affecting your organization?
3. What changes in client needs can you see? (Consider the needs of clients of all abilities, disabilities, cultural backgrounds, values and beliefs)
4. What relevant social issues affect what your industry does?
5. What social/demographic changes affect what your industry?
6. What is the government policy environment? (Consider the amount of regulation, changes in legislation and policy, difficulties and costs compliance) Survey relevant legislation from all levels of government that affects your business operation, especially in regard to occupational health and safety and environmental issues, equal opportunity, industrial relations and anti-discrimination This includes codes and by-laws.
7. What effects do non-government institutions have on you? (Consider professional and community organizations, unions.)
8. What effects could changes in the economic/financial environment have on you? (e.g. gifts, grants, earned income)
9. What are your existing and potential competitors and allies doing? What are their strengths, weaknesses, and distinctives?
10. Where are the market gaps?

When you have located the major trends facing you, answer the following questions for each one.

1. What research did you do to get detailed information?
2. What networks did you use to keep current with information and trends? (e.g. membership of professional associations, research organizations, networks)
3. Look at the kinds of sources below. In many cases an Internet search will cover all kinds, but you may use other kinds too. (Consultations, directed interviews, and focus groups may be quite appropriate.) Your conclusions must be sound, even if you need to research much more widely:
• Expert advice
• Compile best comparison data (e.g. website information, brochures, etc.)
• Best practice data (e.g. website information, brochures, etc.)
• Statutory/government bodies
• Commonwealth and state government reports
• Peak bodies
• Political party policy
• Academic studies
• Commissions of inquiry, royal commissions, senate inquiries reports
• Professional associations journals and projects
• Conferences, seminars, visiting speakers
• Publications, newsletters
• Media
• Social action and research bodies
4. Check that your analysis of the internal and external environment is consistent with the perspectives of other informed people.